JAKARTA – The LQ45 index, tracking the 45 most liquid stocks, showed significant strengthening following its rebalancing, which saw the inclusion of five new constituents, effective today, May 4, 2026. This strategic adjustment aims to refine the index’s representation of market liquidity and investor interest.
Among the newly added constituents, shares of CUAN and DEWA emerged as notable leaders, driving the prestigious index’s positive momentum throughout the trading session. Their strong performance underscored the market’s positive reception to the updated index composition.
According to IDX Mobile data as of 09:05 Western Indonesian Time (WIB), the LQ45 index opened in the green, reaching 671.56, marking a 1.01% increase. A broader market analysis revealed that 32 stocks advanced, 10 declined, and 3 remained stagnant, indicating a generally bullish sentiment.
Leading the charge among individual stocks were PT Barito Pacific Tbk. (BRPT), which surged by 6.54% to Rp1,955, followed by PT Mitra Adiperkasa Tbk. (MAPI), climbing 3.70% to Rp1,260, and PT Bumi Resources Tbk. (BUMI), gaining 3.33% to Rp248. This robust performance from key players contributed substantially to the overall index’s uplift.
Further contributing to the market’s positive trajectory, new constituents PT Petrindo Jaya Kreasi Tbk. (CUAN) saw a 2.92% rise to Rp1,235, while PT Darma Henwa Tbk. (DEWA) also advanced by 2.82% to Rp510. Their impressive debut highlights the immediate impact of the rebalancing on market dynamics.
Conversely, several stocks acted as a drag on the index’s upward movement. PT Adaro Andalan Indonesia Tbk. (AADI) experienced a notable decline of 5.60%, alongside PT GoTo Gojek Tokopedia Tbk. (GOTO), which fell by 5.56%. Shares of PT Alamtri Resources Indonesia Tbk. (ADRO) also trended weaker. Interestingly, PT Essa Industries Indonesia Tbk. (ESSA), another new constituent, saw a decrease of 1.72% to Rp855, despite the overall positive market sentiment.
This major reshuffle of the primary index by the Indonesia Stock Exchange (IDX) is effective from May 4 to July 31, 2026. A key factor in the LQ45 rebalancing was the implementation of the High Shareholding Concentration (HSC) criterion. This criterion led to the exclusion of companies with very large market capitalization but low public liquidity, such as PT Barito Renewables Energy Tbk. (BREN), which has a 97.31% ownership concentration, and PT Dian Swastatika Sentosa Tbk. (DSSA), with 95.76% concentration. Paradoxically, despite being removed from the LQ45 and IDX80 indices, shares of BREN and DSSA surprisingly continued to perform well, defying expectations.
In their stead, several new issuers meeting the free-float ratio criteria were added. The new entrants to the LQ45 index include CUAN, DEWA, ESSA, HRTA, and WIFI, signifying a shift towards a more publicly traded and liquid composition for the prestigious index.
Looking at the broader economic landscape, Phintraco Sekuritas Research Team suggests that global investors will continue to monitor potential follow-up discussions between the U.S. and Iran this week. Furthermore, attention will be drawn to the release of U.S. labor data and the Institute for Supply Management (ISM) services sector indicator, both critical for assessing global economic health.
Domestically, a series of important economic data releases are scheduled. The manufacturing PMI, trade balance, and inflation figures are expected early in the week. Following this, Indonesia’s Q1 2026 economic growth data will be announced on May 5, with foreign exchange reserves, property price index, and car sales data set for release on May 8, 2026, providing a comprehensive picture of the nation’s economic performance.
On the fiscal front, Indonesia’s state budget realization until the end of March 2026 recorded a deficit of Rp240.1 trillion, equivalent to 0.93% of the GDP. This figure represents a widening compared to the 0.43% deficit recorded in the same period last year. The expansion of the deficit was primarily driven by a significant 31.4% surge in state spending, which reached Rp815 trillion, while state revenues only amounted to Rp574.9 trillion, or 18.2% of the target.
This fiscal development is perceived as a potential area of concern for investors, particularly regarding fiscal discipline and its broader implications for future economic stability. Maintaining a prudent fiscal policy will be crucial in mitigating potential risks and fostering investor confidence.
Disclaimer: This article is not intended to encourage the buying or selling of stocks. Investment decisions are solely at the reader’s discretion. Bisnis.com is not responsible for any losses or gains arising from readers’ investment decisions.
Summary
The LQ45 index strengthened by 1.01% to 671.56 following a strategic rebalancing effective May 4, 2026, which included five new constituents. New members CUAN and DEWA significantly contributed to this growth with gains of 2.92% and 2.82% respectively, alongside strong performances from BRPT and MAPI. This adjustment by the Indonesia Stock Exchange aims to improve market representation by focusing on stocks with higher public liquidity and investor interest.
The reshuffle led to the exclusion of major companies like BREN and DSSA because they did not meet the High Shareholding Concentration criteria. Meanwhile, investors are closely monitoring domestic economic indicators, including Indonesia’s Q1 2026 GDP growth and a widening state budget deficit of Rp240.1 trillion. These fiscal developments and upcoming economic data releases continue to shape the broader market sentiment and investment landscape.